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HomeMy WebLinkAbout2977 f 1 i ~ i , ' TO HAVE AND TO IIULU, the said property, together with all and singular the tigl?tt~,,meautber;, hereditaments, and ' appurtenances thereunto belonging or in any wise appertaining, unto second party, its successo/s and assigns, in fee simple forever; and first party hereby binds hiruself (itself), his (its) heirs. executors, adnunistratoa. successors and assigns, to f' warrant and forever defend said property unto xcond party, its sucecswrs ancj assigns. from and against first party, the heirs, executors, administrators. succeswrs and assigns of first party and all other persons whomsoever lawfully claiming or to claim the san>c or any part thereof. PROVIDED ALWAYS, NEVERTHELESS, and it is the true intent and meaning of the parties to thex presents, that if first party shall pay, or cause to be paid, unto xcond party, its successors or assigns the total indebtedness secured hereby, ' wtretirer evidenced by note first above described, future advance notes, or otherwix, with interest thereon as aforesaid, and shall perform all terrru, conditions, and covenants according to the true intent of said note, any other instrument hereinafter referred to, and this mortgage and any other instrument xcuring note first above described or other instrument evidencing indebtedness of first party to second party, and comply with all the provisions of the Farm Credit Act of 1971 and all arnendments thereto, and with the regulations issued and that maybe issued by the Farm Credit Administration, all of which ` are hereby made a part hereof, then this mortgage shall ceax, determine, and be utterly null and void; otherwise it shall remain in full force and effect. _ FOR THE CONSIDERATION AFORESAID, first party covenants as follows: 1. First party is lawfully xized of said property in fee simple and has a perfect right to convey same; there are no encumbrances or liens whatsoever on said property except this mortgage. 2. This mortgage shall also secure any future advances made by xcond party, at its option, to first party, or one or more or all of them, as may be made during the time authorized by law for such advance, PROVIDED THAT THE MAXIMUM AMOUNT SECURED HEREBY SHALL NOT AT ANY ONE TIME EXCEED THE PRINCIPAL SUM OF S 3,000,000.00 .plus interest thereon, and any disburxments made for the payment of taxes, levies or insurance on the ~ property covered by the lien of this mortgage, with interest on such disburxments. In the event of such advance, the amount thereof shall be added to the mortgage debt. 3. It is further understood and agreed by all parties hereto that the execution by~first party and the acceptance by xcond party of any notes, renewal notes or other instruments, or the agreement by xcond party to any reamortizations, extensions, deferments or other rearrangements as contemplated herein shall not be construed as payment of any indebtedness hereby xcured, (whether or not, among other changes in terms, the interest rate or rates remain the same t and/or time for payment is thereby extended or lessened), and shall r_ot discharge the lien of this mortgage which is to remain in full force and effect until the total indebtedness secured hereby has been paid in full. All notes or other instruments contemplated herein slraq remain uncancelled and in posxssion of ,xcond party, its successors and assigns, until the total indebtedness hereby xcured is paid in full. 4. First party will insure and keep insured as may be required by xcond party from time to time all gloves and orchards now on said property or that may hereafter be thereon against loss or damage by fire, windstorm, hail, frost,.freeze, and/or other casualty, and all buildings now on said property, and all buildings which may hereafter be erected thereon, against loss or damage by fire, hail, windstorm, and/or other casualty, in such form, such amounts, and in such company or companies as shall be satisfactory to xcond party, the loss, if any, to be payable to xcond party as its interest may appear at , the time oC the loss. First party will deliver to x~nd party the policy or policies of insurance with mortgagee clause attached thereto satisfactory to xcond party, and will promptly pay when due all premiums for such insurance. If any grove or orchard shall be destroyed or damaged by fire, windstorm, hail, frost, freeze, and/or other casualty, the amount received in xttlement of the loss or damage may be applied at the option of second party on such part of the indebtedness xcured by this instrument as xcond party may in its sole discretion determine. If any building on said property so insured shall be destroyed or damaged, the amount received in xttlement of the loss or damage may be applied at the option of first party to the reconstruction or repair of the buildings so destroyed or damaged, subject to the regulations issued or that may be issued under the Farm Credit Act of 1971 or acts amendatory thereof or supplemental thereto; any portion of the proceeds not so used shall be applied on the debt hereby secured in such manner as second party, in its sole discretion, may determine. j 5. First party will pay, when due and payable, all taxes, asxssments and other charges that may be levied or asxsxd against said property, and all judgments and all other amounts that may be or becotne a lien thereon. 6. First party will keep in good order and condition, prexrve, and repair, rebuild and restore all terraces, buildings, groves, orchards, fences, fixtures, shrubbery and other improvements, of every kind and nature, now on said land and t hereafter erected or placed thereon that may be destroyed or damaged by fire, windstorm or othetwix, and will not permit fire change, injury or removal thereof, will not commit or permit waste on said land, and will not, except with the written conxnt of xcond party, cut, use or remove, or pernut the cutting, ux or removal of, any timber or trees on said land for E sawrnill, turpentine or other uxs or purposes, except for firevood and other ordinary farm purpoxs. First party will also prexrve and keep in good order and condition all trees and timber now and hereafter growing upon the said property, and will at all times protect the trees and timber against loss or damage by fire, all to the satisfaction of the xcond party. 7. First party will at all times properly fertilize, cultivate, care for, and maintain in a productive condition all the grove and orchard trees now on said property or hereafter planted thereon, and will protect the groves and orchards against loss or damage by fire by making and maintaining proper firebreaks on and around said property, and by keeping undergrowth cut, to the satisfaction of second party and second party is hereby authorized and empowered to have appraisals of said property made by a Land Bank appraiser, or by others, at such times as xcond party, in its sole discretion, may desire. The cost of such appraisals shall be paid by first party immediately upon presentation of an itemized statement thereof and shall be secured by this instrument. 8. Time is of the esxnce of above recited note, this instrument and of any other instrument evidencing indebtedness xcured hereby. If first party fails to comply with any covenant, condition or agreement in this instrument, or in said note, or in any reamortization, renewal, deterrnent, extension agreement or other instrument evidencing any G indebtedness xcured hereby, xcond party may, at its option, exercix any one or more of the following rights, powers, pnvdeges and remedies: (a) Perform any one or more of the covenants of first party in this instrument, in above recited note, or in any other instrument evidencing any indebtedness xcured hereby, and all sums advanced by xcond party in doing so shall be due and payable by first party to xcond party immediately without notice, and shall be xcured by this instrument, and shall bear interest from the date of advance by xcond party at the highest rate provided in any note or other instrument secured hereby. , (b) Declare aU amounts xcured by this instrument immediately. due and payable without notice. - (c) Proceed immediately to foreclox this mortgage, and pursue such other remedies as may be authorized by law. ! ~I 9. As further security for the payment of the note herein described and any other instrument e~ridencing i " indebtedness xcured hereby and for the performance of all the terms, conditions, and covenants of raid note, said other t instruments and of this mortgage, first party hereby transfers, assigns, and sets over to xcond party all of the'crops sown or G Q 30$ zs~5 ~ er' ~ Ja r~ V V.. i~ . w